Litecoin price is trading in a positive zone above the $60.00 support area against the US Dollar.
LTC price is currently trading below the key $64.20 and $65.00 resistance levels.
There is a key bullish trend line forming with support near $61.10 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair remains well supported near $60.00 and it could rise above the $65.00 resistance.
Litecoin price is moving nicely in a bullish zone against the US Dollar and bitcoin. LTC price is likely to accelerate gains once it clears the $65.00 resistance area.
Litecoin Price Analysis
Recently, there was a steady rise in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price gained momentum above the $60.00 resistance and even settled above the $61.00 zone.
Moreover, the price traded towards the $65.00 resistance and settled above the 55 simple moving average (4-hours). At the moment, the price is consolidating gains below the $65.00 resistance area.
An immediate support is near the $62.50 level. Besides, the 23.6% Fib retracement level of the upward move from the $57.35 low to $64.24 high is near the $62.60 level. If there is a downside correction, the price could find support near the $61.00 area.
Additionally, there is a key bullish trend line forming with support near $61.10 on the 4-hours chart of the LTC/USD pair. More importantly, the 50% Fib retracement level of the upward move from the $57.35 low to $64.24 high is also near the $60.80 level.
If there is a downside break, litecoin price could test the $60.00 support area. The 55 simple moving average (4-hours) is also near the $60.00 area to act as a support zone. Any further losses may perhaps push the price back into a bearish zone.
On the upside, there are a few key resistances near the $64.40 and $65.00 levels. A successful break above the $65.00 zone is needed for upside acceleration in the near term. The next key hurdles are near the $68.00 and $70.00 levels.
Looking at the chart, litecoin price is nicely trading in a positive zone above the $61.20 and $60.00 levels. As long as there is no close below the $60.00 support area, there are chances of an upside break. If not, the price might move into a bearish zone towards $58.00. The next key support for the bulls is near $52.00.
4 hours MACD – The MACD for LTC/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is declining and it may test the 50 level.
Live Bitcoin News is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at Live Bitcoin News, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.